I recently had an enlightening conversation with a top expert in the field, and the wisdom he shared was priceless. I've gathered the most impactful points for youâtake note, as they could give you an edge:
1. Lock in profits early â When youâve made a considerable profit, step back. Taking a break, maybe even traveling, can clear your head and help prevent exhaustion from over-trading.
2. Assess when losses exceed 15% â If your losses cross this line, itâs time to evaluate what went wrong. Pinpointing mistakes will keep you from spiraling further.
3. Avoid uncertain trades â If you're unsure about a trade, especially in the short term, itâs better to sit on the sidelines. These unclear situations tend to result in losses more than gains.
4. Donât chase after a 60% rise â If an asset has spiked this high, resist the urge to jump in. Such surges can often be misleading, trapping buyers at inflated prices.
5. Watch out for volume spikes post-surge â When an assetâs price soars and volume follows, itâs often a trap to lure emotional traders. Stay calm and avoid being drawn in.
6. Be strategic: buy at dips, and in rising markets â Timing is everything. Enter the market during a dip, but donât hesitate to buy during a rally if strength is building.
7. Build your position cautiously â Only add to your position when you're nearly certain of the trend. It's safer to scale in slowly and at better price levels.
8. Stick to familiar territory â Focus on assets you know well and trade with a strategy you're comfortable with. This will help you reduce risk and increase your confidence in making profitable trades.
By keeping these strategies front of mind, you'll be well-positioned to succeed in the ever-changing markets!
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